  |    |
        |
 |
 | ||
| |||
 |  | |
| ||
|  | |
| ||
|  | |
| ||
| ||
|  | |
| ||
 |  | |
| · | News Releases |
| · | Multimedia Centre |
| · | Virtual Press Kits |
| · | Fact Sheets |
| · | FAQ |
| · | Contact the Newsroom |
| ||
|  | |
| ||
|  | |
| ||
Workers turn to employers for help achieving dreams Dreams and Fears Survey Findings on Employee –Employer Relationships, Savings Habits and Financial Aspirations Boston – Despite scandals in Corporate America, workers look to their employers to help them achieve their retirement dreams, according to the Dreams and Fears of American Workers Survey, conducted this summer by Manulife USA. The survey of 400 workers over the age of 21 conducted via telephone in June and July, identified Americans’ most important financial dreams, worst fears, and opinions about their employers’ responsibility in helping to achieve them. “With all of the media attention paid to Enron, WorldCom and other scandals, American workers might have been expected to lack confidence in their employers,” said Kendall Kay, Chief Strategy Officer for U.S. Group Pensions for Manulife USA. “But respondents identified employer support as crucial to both achieving their dreams and overcoming their fears. It also made clear that achieving a comfortable retirement is the number one dream of workers, and that employers who help their employees by sponsoring a retirement savings plan are likely to have an edge over those who do not.” Most respondents reported that they were behind in their quest to achieve their dreams. Only one quarter feel they have set enough money aside to be on track for a comfortable retirement (24%), early retirement (27%), or paying for a child’s college education (25%) – which ranked as top dreams. American workers on average reported having five financial dreams, but 96% identified being able to live comfortably in retirement as their top financial dream. About three quarters (76%) report that upgrading their lifestyle and living more comfortably is one of their financial dreams, followed by being able to help adult children financially (69%), owning a home/improving their home (67%), paying for college education (63%), and early retirement (62%). Also, American workers identified suffering financially due to an unexpected expense (72%) or losing money due to the stock market volatility (69%) as their top fears. When asked about the role of their employers in retirement planning and their own savings habits, workers who participated in employer sponsored retirement plans were found to be the most contented. According to the study, the incidence of employer-sponsored retirement plans is much higher at businesses with over 100 employees, where about eight in ten employees participate. These employees also tend to be more apt than non-participants to be ‘savers’ in other types of financial vehicles. “The feedback revealed strong employee demand for tools from their employers that help them determine how much to save, and how to stay on track to achieve their goals,” added Mr. Kay. “This presents companies – especially smaller companies that want to compete for the best employees – with an opportunity to use retirement plans to help make their business more successful.” For copies of the abridged study contact Wendy Smith. About Manulife The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality annuity, life insurance, pension, tax-deferred college savings, and separately managed account products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients. Group annuity contracts are issued by Manulife USA. Product features and availability may differ by state. In New York, products are issued by The Manufacturers Life Insurance Company of New York (Manulife New York). Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$92.1 billion (Cdn$139.8 billion) as at June 30, 2002. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. -30- Media Contact: Wendy W. Smith U.S. Communications 617-854-4348 wendy_smith@manulife.com |
|
